In Lagos State, a collective of farmers' associations has forecasted a further decline in rice prices as the yuletide approaches. This prediction follows the recent decision by Governor Babajide Sanwo-Olu to reduce the price of Lagos rice.

According to reports, the Lagos State Governor has decreased the price of rice from N64,000 to N57,000 per bag. This information was gathered through interviews conducted by the News Agency of Nigeria with various farmers.

Mr. Sakin Agbayewa, Vice Chairman of the All Farmers Association Southwest, Lagos State chapter, acknowledged this governmental action as beneficial. He indicated that such a price adjustment could enhance market competition, potentially leading to further reductions in rice prices within a short timeframe.

Agbayewa noted that the current market prices for foreign rice vary, ranging from N52,000 to N56,000 per 50 kg bag, depending on geographical purchasing factors. He specified that rice purchased near the border is priced at approximately N52,000, while prices in main markets range from N54,000 to N55,000 per bag, with additional costs attributed to transportation.

Agbayewa also highlighted the superior quality of Lagos rice, asserting that consumers at the N57,000 price point are obtaining a product with high nutritional value and food safety assurances. He expressed concerns regarding the quality of imported rice, suggesting that such products may have been stored for extended periods, thereby compromising quality.

Furthermore, Mr. Raphael Hunsa, Chairman of the Rice Farmers Association of Nigeria, Lagos State chapter, commended the government's price reduction initiative. He noted the correlation between rice production levels and market pricing, stating that low production typically results in higher demand and subsequent price increases. Hunsa asserted that the government’s price point of N57,000 is advantageous for consumers during the festive season.

Hunsa also advocated for continued support from the government to enhance rice production, arguing that increased production would stabilize market prices. He emphasized the importance of consistent production capabilities to ensure price stability throughout the year.

As the festive season nears, the anticipated reduction in rice prices is projected to alleviate financial pressures on consumers, facilitating a more accessible holiday celebration experience for families.